Financial Times

New rating for Standard Chartered Bank, Sri Lanka Branch
 

Fitch Ratings Lanka has assigned a 'AAA(lka)' National Long-term rating to Standard Chartered Bank, Sri Lanka Branch (SCBSL).

The rating agency said SCBSL's rating reflects the financial strength of Standard Chartered Bank (SCB; rated 'A+'/Stable Outlook, which is higher than the sovereign foreign currency Issuer Default Rating of 'B+'/Stable Outlook) of which SCBSL is a branch and part of the same legal entity.

The bank experienced a lull in FY07 in which it temporarily slowed expansion of its loan book to just 4.3% (FYE06:39.1%) on the back of more cautious lending. This is similar to the trend witnessed amongst the domestic private licensed commercial bank (LCB) sector, which also registered a slowdown in credit growth during a period (16.5% at FYE07 from 22.9% at FYE06) of tightening monetary policy. SCBSL has since realigned its growth strategy for FY08 to focus on its more creditworthy corporate segment. As such, the bank registered high loan growth of 22.7% at end-March '08 (Q108), driven mainly through its upper and middle tier corporate clients.

Top to the page  |  E-mail  |  views[1]
 
Other Financial Times Articles
SEC seeks AG’s advice on judgment
Drama at Hunter's EGM as Dossas turn abusive
New telecom interconnection charge soon
New telecom interconnection charge soon
New telecom interconnection charge soon
Eagle–NDB Fund buy-back deal
Discussing business ethics and integrity
Sweeping under the carpet - Comment
Deafening silence of the business community on a landmark judgment
BOI offers Lankan space for controversial Tata Nano Plant
Power of direct marketing and Lankan impact
Malaysia’s TMI appoints Hans Wijayasuriya as new group COO
Business Briefs
Ageing solution for youth problem in Sri Lanka
Consider East Asia as well as South Asia for future trade growth - trade experts
Lankan company helps Silverstone get back on track
Ceylon Biscuits’ longest servicing employees felicitated
But bureaucracy and corruption slow growth
FCCISL urges India to strengthen people-to-people contacts before CEPA
 

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2008 | Wijeya Newspapers Ltd.Colombo, Sri Lanka. All Rights Reserved.